NEW YORK >> U.S. stocks slumped Friday as financial and health care companies moved lower. Industrial companies rose as stocks continued the up-and-down pattern they’ve been stuck in for the last month.

Stocks slumped in morning trading as banks fell in tandem with bond yields and interest rates and energy companies sank with oil prices.

Strong results from Honeywell and aviation electronics maker Rockwell Collins helped industrial firms. Toy maker Mattel plunged after it reported is second disappointing quarter in a row. Stocks climbed in the final minutes of trading and left the Standard & Poor’s 500 index 1 percent higher for the week.

President Donald Trump gave the market a fleeting boost in the afternoon when he said his administration will release a tax reform proposal next week that includes a large tax cut. He didn’t provide details.

“I don’t think anything’s actually going to happen or be implemented any time soon,” said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. He said he thinks a corporate tax cut is more likely to pass Congress and become law than a tax cut for individuals, and added that he wants the administration to focus on moves that can keep the economy growing.

Mattel, the largest toy company in the U.S., said its sales dropped 15 percent in the fiscal first quarter as it continued to deal with effects of poor sales over the holiday season. The company’s revenue totaled $735.6 million, which was $67 million less than expected, according to FactSet. The stock lost $3.42, or 13.6 percent, to $21.79.

Mattel also took a steep loss after it reported its fourth-quarter results. Its stock is down 21 percent this year.

Benchmark U.S. crude shed $1.09, or 2.1 percent, to $49.62 a barrel in New York. Brent crude, used to price international oils, fell $1.03, or 1.9 percent, to $51.96 a barrel in London.

Schlumberger, the world’s biggest oilfield services company, fell after it reported less revenue than analysts had forecast. The company said revenue in China, Russia and the North Sea fell more than it had expected. The stock gave up $1.67, or 2.2 percent, to $74.84 and competitors Halliburton and Baker Hughes both fell, too.

Honeywell’s profit and sales were better than expected, and the industrial conglomerate raised its profit projection for the year. The stock jumped $3.31, or 2.7 percent, to $127.08. Aviation electronics company Rockwell Collins raised its profit and sales forecasts after its $8.6 billion purchase of former competitor B/E Aerospace. Its stock rose $5.11, or 5.1 percent, to $104.70.

In other energy trading, wholesale gasoline lost 3 cents to $1.64 a gallon and heating oil fell 3 cents to $1.55 a gallon. Natural gas gave up 6 cents to $3.10 per 1,000 cubic feet.

Gold rose $5.30 to $1,289.10 an ounce. Silver lost 16 cents to $17.86 an ounce. Copper remained at $2.54 a pound.

The dollar dipped to 109.21 yen from 109.31 yen. The euro fell to $1.0695 from $1.0722.